Already in 31 countries of the world, electric car sales make up five percent of the total car sales. Although it doesn’t sound like much, industry experts call it a “tipping point”, which means that in the future, the transition to electric cars should happen more and more rapidly, they estimate Bloomberg observers.
The report published by the media specifically notes that the regions where the popularity of electric cars has grown particularly rapidly are Eastern Europe and Southeast Asia. Interestingly, the list of these countries also includes Estonia, where electric cars will account for 7.5% of new car sales in the 4th quarter of 2023.
Specialists point out that 5 percent of the market is an important reference point – at this point, the product from “early adaptors” or enthusiast product gradually starts to become “mainstream” everyday product, which is seen more and more often. Initially, people are deterred by various prejudices and also by objective considerations – in this case, the price, lack of infrastructure, fear of driving distance reserves and similar things, but little by little these barriers are being broken.
“When a certain amount of sales is reached, a kind of cycle begins – more and more electric cars on the streets means that people see them more often and start to take them for granted. Automakers are becoming more interested in investing in the specific market, while the infrastructure is developing,” he says Bloomberg electric car analyst Corey Kantor. The experience of countries shows that when this 5% limit is reached, the transition becomes more and more rapid and 25% market share is already reached within a couple of years, when people choose to switch to electric cars. It is true that there is some caution and anxiety in the market at the moment, because the transition to electric cars is not happening as fast as predicted.
Tags: transition electric cars reached tipping point countries happen rapidly
